The latest on-chain market data about Shiba Inu ($SHIB) presents a potential upward momentum in the price of the top memecoin. Javon Marks, a well-known crypto analytics provider, has recently pointed out that Shiba Inu is reaching a crucial juncture while moving toward a breaking point of an enormous Falling Wedge pattern. The platform took to its official X account to provide the current market status of Shiba Inu and potential further development.
Shiba Inu Likely to See a 498% Jump as Indicated by ‘Falling Wedge’ Pattern
In its exclusive X post, the analytics platform mentioned that the Falling Wedge pattern is crucial in the technical analysis. It reportedly offers a bullish reversal indication, particularly when it emerges after a lengthened downturn. As per Javon Marks, it usually precedes a substantial price jump following the occurrence of a breakout. Making future contributions to the respective analysis is the latest confirmation of a chief indicator “Regular Bullish Divergence.”
This indicator reportedly denotes the probability of an impending bullish reversal. The divergence takes place when an asset’s price is witnessing huge lows. This points toward the weakening selling pressure, hence signifying a potentially imminent takeover by the bulls. If the meme token effectively breaks out of the above-mentioned Falling Wedge pattern, there is a chance for Shiba Inu to trigger the next stage of massive bullish momentum.
The Token Has a Price Target of $0.000081
In line with the analysis of Javon Marks, the implications of the respective breakout are comprehensive. Keeping that in view, the crypto token currently has a price target of up to $0.000081. An already established larger breakout pattern reportedly provides the basis for this price target. This indicates that the crypto token could likely go through an immense 498% spike from the present price level thereof.
Source: https://blockchainreporter.net/shiba-inu-set-for-498-surge-technical-analysis-predicts-major-bullish-breakout/